The Shannon Free Zone in Ireland is the first free zone established by a country. The establishment was created in 1959 for investment purposes in multiple fields of activities, being a top foreign direct investment destination. As the name suggests, the Shannon Free Zone provides as a main advantage numerous tax reductions, which are only applicable to companies operating in the respective area. Our team of Irish lawyers can offer legal assistance on the requirements applicable to companies incorporated in the Shannon Free Zone.
Main characteristics of the Shannon Free Zone
The Shannon Free Zone is situated near the Shannon International Airport, close to Limerick and at two hours away from Dublin, the capital city of the country.
The Shannon Free Zone is comprised of more than 100 companies operating in specific business fields approved by the local authorities. The companies operating here employ more than 7,000 employees with a high level of skills in their respective field. The annual trading volume generated by the Shannon Free Zone is set up at EUR 3.3 billion. The establishment offers numerous tax reductions or exemptions and several grants and our Irish law firm can offer assistance on this matter.
Shannon Free Zone – main business activities
Although investors interested in opening a company in Ireland can carry out a wide range of business operations in the Shannon Free Zone, traditionally, most of the business activities are developed in the following sectors:
• repair and maintenance of aircraft;
• trading activities which can contribute to the development of the area, following a decision of the Ministry of Finance;
• ancillary trading activities;
• acquisition or license of intellectual property rights.
Shannon Free Zone – corporate taxation
An advantage of setting up a company in the Ireland in the Shannon Free Zone refers to the fact that the businessmen can benefit from duty-free regulations for import products deriving from non-EU countries.
Also, all companies operating here are exempted from paying the value added tax and our lawyers in Ireland can provide more details on other tax exemptions.
Businessmen are welcomed to contact our team of attorneys in Ireland for more details on the Shannon Free Zone.